News

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EFRAG supports IFRICs 4 and 5

21 Feb 2005

The Technical Expert Group of the European Financial Reporting Advisory Group (EFRAG) has sent a letter to the European Commission recommending adoption, for use in Europe, of IFRIC 4 Determining whether an Arrangement Contains a Lease and IFRIC 5 Decommissioning, Restoration and Environmental Rehabilitation Funds.

The letters can be downloaded from EFRAG's Website.
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SEC guidance on operating leases

21 Feb 2005

Deloitte (USA) has published a special edition of our (PDF 106k) discussing certain recent clarifications by the SEC staff regarding lessee accounting for operating leases.

These clarifications apply to all SEC registrants, domestic and foreign, regardless of industry. The clarifications relate to amortisation of leasehold improvements, rent holidays, and landlord-tenant incentives. Some new disclosures are specified.
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Stock options legislation reintroduced in US House

21 Feb 2005

The political battle in Washington over accounting for stock options has been reopened.

On 17 February 2005, 23 members of the US House of Representatives introduced legislation that would impose a three-year moratorium on the SEC's enforcement of FASB Statement 123. FAS 123 was revised in December 2004 to require all companies to account for all share-based payments, including stock options, at fair value – similarly to IFRS 2. During the three years, the SEC would be required to study the impact that expensing options may have on the US economy and on 'small entrepreneurial businesses'. The bill would require listed companies that offer stock options to disclose "plain-English descriptions of share value dilution, expanded and more prominent disclosure of stock option-related information, and a summary of stock options granted to the five most highly compensated officers". The bill would not prohibit voluntary expensing of stock options by SEC registrants. The Senate must also pass the same legislation before the bill becomes law. The new proposal, known as HR 913, is similar to a bill (HR 3574) that was approved by the House in July 2004 by a vote of 312 to 111, with 10 nonvoting. The US Senate did not enact an equivalent of HR 3574, so it did not become law. HR 913 has been referred to the House Committee on Financial Services.
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Three new IASC Foundation trustees

21 Feb 2005

The Trustees of the International Accounting Standards Committee Foundation (IASCF), under which the IASB operates, have appointed three new Trustees: Oscar Fanjul, Vice Chairman, Omega Capital, and former Chairman Founder and CEO, Repsol, SA, Spain; Tsuguoki (Aki) Fujinuma, Chairman and President, Japanese Institute of Certified Public Accountants, Japan ; and Antonio Vegezzi, President and Director, Capital International SA, Switzerland. The appointments take effect immediately and are for terms ending 31 December 2007. Messrs Fanjul, Fujinuma, and Vegezzi fill the vacancies left by the departure of Guido Ferrarini, Koji Tajika and John Biggs, respectively.

Click here for Complete List of the 19 IASCF Trustees. Click here for Press Release (PDF 61k), which includes short bios of the three new trustees.
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Announcing the launch of IAS Plus in German

21 Feb 2005

We are pleased to announce the launch of www.iasplus.de – our German language IAS Plus website managed by Deloitte & Touche GmbH Wirtschaftsprûfungsgesellschaft.

While not all sections of the site are completed yet, already you will find the latest news, summaries of many of the standards and interpretations, and various Deloitte publications, all in German. And, as a reminder, there's also IASPlus in Spanish.

Auf www.iasplus.de wollen wir Ihnen Informationen und Neuigkeiten aus der Welt der internationalen Rechnungslegung zeitnah und kostenfrei in deutscher Sprache zur Verfûgung stellen. Als Ausgangsbasis dienen uns die Dokumente von IAS Plus.com, die von unserem deutschen IFRS Centre of Excellence nach Mandantenrelevanz ausgewählt und ins Deutsche ûbersetzt werden.

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Project pages updated for February meeting

19 Feb 2005

We have updated the project pages for the following agenda projects to reflect deliberations at the Board's February 2005 meeting: Accounting Standards for Non-Publicly Accountable Entities (NPAEs) (formerly called Small and Medium-sized Entities or SMEs) Amendments to IAS 39: Cash Flow Hedge Accounting of Forecast Intra-group Transactions Amendments to IAS 39: The Fair Value Option Amendments to IAS 39 and IFRS 4: Financial Guarantees and Credit Insurance Business Combinations II - Purchase Method Procedures Conceptual Framework Convergence of IFRSs and US GAAP – Income Taxes ED 7 Financial Instruments: Disclosures Insurance Contracts - Phase 2 Management Commentary (sometimes called Management Discussion and Analysis) .

We have updated the project pages for the following agenda projects to reflect deliberations at the Board's February 2005 meeting:

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New convergence project pages

19 Feb 2005

We have created separate project pages for each component of the IFRS-US GAAP convergence project: IAS 12 Income Taxes IAS 14 Segment Reporting IAS 19 Employee Benefits IAS 20 Government Grants IAS 37 Provisions Asset Disposals and Discontinued Operations .

We have created separate project pages for each component of the IFRS-US GAAP convergence project:

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IAS Plus Newsletters are posted

19 Feb 2005

We have posted the latest Global and Asia-Pacific Editions of our IAS Plus newsletter.

The newsletter, which is published quarterly, reports on the recent activities of the IASB and the IFRIC and also on worldwide issues and events relating to international financial reporting. The Asia-Pacific edition has the same news content as the Global Edition plus accounting standards updates for Asia-Pacific countries. You will find all Past Issues Here.
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Webcast updates on IASs 21, 29, 10, 20, 33, and 37

18 Feb 2005

The Deloitte London IFRS Centre of Excellence is running a monthly series of hour-long Internet-based IFRS technical updates, focusing on the most important international accounting standards and how they will affect UK companies.

The tenth webcast was run on Thursday 17 February 2005 and covered:
  • IAS 21 The Effects of Changes in Foreign Exchange Rates,
  • IAS 29 Financial Reporting in Hyperinflationary Economies,
  • IAS 10 Events After the Balance Sheet Date,
  • IAS 20 Accounting for Government Grants and Disclosure of Government Assistance,
  • IAS 33 Earnings per Share, and
  • IAS 37 Provisions, Contingent Liabilities and Contingent Assets.
To access the recording Click Here. The recording of each session will be available on this website for a period of at least 3 to 4 weeks from the date of the presentation. Links to past sessions may be found on our United Kingdom Page. The recording is no longer available online.
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Notes from final day of February 2005 IASB meeting

18 Feb 2005

We have combined all of our notes from the IASB's meeting on 15-17 February 2005 in a single Combined February 2005 Board Meeting Page. .

We have combined all of our notes from the IASB's meeting on 15-17 February 2005 in a single Combined February 2005 Board Meeting Page.

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